Clear cooperation. And so this is a this is a nationwide thing, right? Yes. So we’re able to talk about it from Montana.
It is a National Association of Realtors policy. It is. And Rachel had brought up, you know, this the fact that, you know, you hear a lot of mixed things regarding the clear cooperation, but it’s pretty simple. So. There’s the question that Rachel had, which a lot of people have, and you may see them on different chats and things like that, but the fact that if you list the home right and you you can’t put it so within one day of publicly marketing the property, it has to go into M.O.s, it has to go into MLS. So is a seller exempt from doing that right? No, they are not.
So I have put to the list I want to show you guys, because I think this will make it easy. So if you pull up the listing agreement, Omkar, perfect.
And so I want to make sure we get on this subject. Shana speaking on glia cooperation. And Rachel had asked a follow up question the other day. So that follow up question was in regards to seller the seller, can the seller market their home?
So if you have it in coming soon or you know you aren’t ready to put it out there yet, what if the seller is going to their job or going out in the neighborhood and publicly marketing in some way, shape or form, letting people know about it, putting it on his Facebook or passing out some flyers just to neighbors that is publicly marketing.
Therefore, you are required and bound by your listing agreement to put it in MLS. OK, so in your listing agreement, I think we’re getting it pulled up that you guys know that we have. You know, this new six A B that says if you want to get your listing agreement signed immediately, right.
And when you do that, the seller may not be ready to put their home in the market. So what that does is that six, A six A B instructs you that you’re going to withhold this from MLS for a period of time, OK? And you can do that. However, if that starts happening and you decide to publicly market that property, you or the seller, it has to then go into MLS within one business day
What is a business day? Business days exclude Saturdays, Sundays and holidays. So there you go. I think there there’s some. Maybe some controversy going on about a seller. Well, how can I control myself? Well, you can’t. Therefore, in the beginning when you are meeting with your seller, you need to discuss this. This is extremely important that they understand what this means, because if they don’t, they might get very frustrated at you as a listing agent thinking you are not doing justice.
Why aren’t you publicly marketing the property? OK, so a seller can say, hey, I don’t want my home listed on the Internet and I don’t want it disseminated out there to all these through IDX feeds and all of that. OK, no problem. You can hold it as an office exclusive.
An office exclusive is only your office. No participants outside of your office. OK, so that needs to be understood that an office exclusive doesn’t mean you can then put it on Facebook. Once it goes outside of that office, it’s publicly marketing. Therefore, you have to put it nevertheless within one day.
Yeah. And if we scroll back up, it does say specifically that right in here, right after email blasts in in brackets there, it does say multiple brokerage listing, sharing networks.
So that’s even like internal type things where you have like a private listing network, I believe is what they’re pretty much trying to cover, that is, or our broker. We all kind of belong to little. So they’re like out on that whole concept. Right. And so there is basically no way to be able to go ahead. Now, I will tell you something that’s interesting here in Montana.
Yes. Is the the properties and it’s their local MLS was able to do this. And it’s kind of it’s kind of strange to me. But they are able to it any property over 40 acres, 40 acres, you don’t have to follow that clear corporation.
Also, there’s like a whole loophole around it, but only if it’s over 40 acres because you’re saying it is and randomly.
But no farm or ranch is not exempt from this. But if you have a property over 40 acres. So I’ve I’ve heard that a couple of times from a couple of brokers here in Montana. And I just I wanted to further explore that. I find that interesting. And I don’t know if it’s just here because I haven’t.
I haven’t known that to be the case like Lincoln had.
I personally believe I have a forty two acre listing coming up soon, so I don’t know. No, I’m actually not even that you guys realize. Right. Like, I have no rules to follow. You do know I don’t know what rules we follow. Well, you tell me what to do.
Yes, well, I’m not a realtor, so when you’re discussing this with your client, so Omkara feel scroll down just a little bit more. This will be important for you to kind of eliminate all these questions and interpretations of what this really means. OK, so if you look down there, Seller acknowledges and understands, right.
That this option is checked, the property will not be publicly marketed. So this is saying if you’re not going to put it on MLS and disseminate the information out and if you’re going to have it in it, coming soon, status, OK, that means you’re not publicly marketing. Well, if you’re not going to put it in, coming soon status.
So they have clearly identified what this means here. And you need to go over this with your sellers so they fully understand what this means because they are you know, they’re signing this listing agreement as well. So they are bound to this agreement in this contract. And if they violate it, you know what it comes back on, you will actually the broker.
So we want to make sure that we understand this fully and we’re having these conversations with sellers. And if you guys have any other questions or you see something different in a chat, then please reach out to me and let’s discuss it, because I think there’s a lot of misinterpretations going on out there and information being delivered that is highly inaccurate.
So, yeah, I would agree with that in trying to you’re always want to quickly say that you as an agent should know the contract and actually read it and understand it. Right. And that’s where a lot of those questions kind of get answered. Yeah. You just like kind of read through it and understand it. And when you can quote the contract and we can say section blank and this and A B and whatever it is, right, like six A states this, then you’re starting to provide value. People can tell the difference when you know what you’re speaking from. So it’s kind of a big deal. Just do it.
Just do it now. I don’t know Rachel, Rachel out here right now because she she brought this up and had a question on it. That’s good. You know, when you go into a listing, there’s also a possibility that your seller says, hey, I’ve identified this person, this person in this person that, you know, if I’ve already been in contact with them, if they buy the home, then it’s kind of know these are excluded from our listing agreement. So that’s an exclusive agency addendum and that is in our zip forms and in our templates.
And it still identifies that. I don’t believe Omkar has that one look at it, the exclusive agency, and then does my bid. What that does is it still identifies and clarifies that over.
That is a separate topic. Maybe tomorrow. Yeah, we can pull that one up tomorrow. We’ll do that tomorrow. And with that will say read the contract, listen to Shauna and help your clients help. I really know what you what you’re doing. Thank you, guys. Are you doing. A hello, how are you doing, Mike? It’s nice to see you. We’re watching what
you guys are doing, one of us now. Yeah, they are. So it’s really weird. So Zillow used to be a different type of company and now they’re becoming a brokerage. So they are having to modify the way they’re doing things. And one of the items that they have to do is they are changing how the information is pulled in to them and it is now going into an identity, just how they’re grabbing it. So they used to have thousands of different sources in which they came in from another down to 600. It gives them a little less control.
Can we share this happened so that so that, you know, I’m I’m sure everyone knows what the idea is. But basically what the IDX feed is an agreement that people will have with MLS.
So they’re the they’re the keeper of all the information. Right. And then people can choose to accept, you know, what to accept and what to, you know, to share.